Minority Interest. As to any Person, an ownership or other equity investment in any other Person, which investment is not consolidated with the accounts of such Person in accordance with GAAP. Mortgages. Collectively, the mortgage(s) granted to Agent, on behalf of the Lenders, on any of the Borrowing Base Properties, as may be required hereunder. Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate.
Minority Interest. Premenos shall use its reasonable best efforts to effectuate the share exchanges with the stockholders of Premenos Corp. as set forth in the Premenos Disclosure Letter as quickly as reasonably practicable, and such share exchanges shall become effective and there shall be no further minority interests in Premenos Corp. on the Closing Date.
Minority Interest. The Navimax Pool, an association of three participants, was created for purposes of trading operating vessels owned and/or chartered by the Pool's participants, as well as, to charter and trade with third parties under freight contracts. In 2003 Xxxxxx (predecessor) liquidated the third participant's interest in the Navimax Pool based on a mutual agreement. This liquidation was carried out on March 11, 2003 by distributing to the third participant, its remaining monetary value of pool interests as there were no other assets or liabilities. NOTE 20: SEGMENT INFORMATION The Company has two reportable segments from which it derives its revenues: Vessel Operations and Port Terminal. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Vessel Operations business consists of transportation and handling of bulk cargoes through ownership, operation, and trading of vessels, freight, and forward freight agreements. The Port Terminal business consists of operating a port and transfer station terminal. The Company measures segment performance based on net income. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following table. VESSEL OPERATIONS PORT TERMINAL TOTAL ----------------- ------------- ----- SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR --------- ----------- --------- ----------- --------- ----------- AUGUST 26, 2005 JANUARY 1, 2005 AUGUST 26, 2005 JANUARY 1, 2005 AUGUST 26, 2005 JANUARY 1, 2005 --------------- --------------- --------------- --------------- --------------- --------------- TO TO TO TO TO TO -- -- -- -- -- -- DECEMBER 31, AUGUST 25, DECEMBER 31, AUGUST 25, DECEMBER 31, AUGUST, 25, ---------------- ----------- ------------- -------------- ------------- -------------- 2005 2005 2005 2005 2005 2005 ---- ---- ---- ---- ---- ---- Revenue $ 74,296 152,668 $ 2,080 5,962 $ 76,376 158,630 Gain (loss) on forward freight agreements (2,766) 2,869 - - (2,766) 2,869 Interest income 1,162 1,349 1 1 1,163 1,350 Interest expense (11,892) (1,677) - - (11,892) (1,677) Depreciation and amortization (13,016) (3,391) (566) (481) (13,582) (3,872) Equity in net income of affiliated companies 285 788 - - 285 788 Net income $ 1,856 48,517 305 2,820 2,161 51,337 ================= =============== ================= ================ ================================= Total assets 715,996 256,867 73,3...
Minority Interest. The amount represents the minority shareholders’ interest in Yudu Minpin Shopping Mall (“Yudu”), a 76.1% owned subsidiary, the minority shareholders’ interest in Taiyuan Clothing City, also known as Xicheng Shopping Mall (“Xicheng”), a 76.1 % owned subsidiary, the minority shareholders’ interest in Jingpin Clothing City (“Jingpin”), a 76.1 % owned subsidiary, the minority shareholders’ interest in Longma Shopping Mall (“Longma”), a 76.1 % owned subsidiary, and the minority shareholders’ interest in Xindongcheng Clothing Distribution Mall (“Xindongcheng”), a 76.1 % owned subsidiary. All the minority shareholders in each of these five subsidiaries are related parties of the Company.
Minority Interest. As to any Person, an ownership or other equity investment in any other Person, which investment is not consolidated with the accounts of such Person in accordance with GAAP.
Minority Interest. In July 1997, ATI entered into a collaboration agreement with BioChem Pharma Inc. (BioChem), a biopharmaceutical company based in Quebec, Canada. This agreement granted BioChem an exclusive worldwide license to ATI's proprietary screens based on two families of proteins involved in apoptosis, for use in identifying leads for anti-cancer drug development. As of April 2000, BioChem had fulfilled all of its funding obligations under the agreement by purchasing a total of $11.1 million in non-voting, non-dividend-bearing convertible preferred stock of ATI. In April 2000, BioChem informed ATI of its decision not to extend the agreement beyond its scheduled July 31, 2000 termination date. Consequently, under the terms of the agreement, rights to all screens delivered to BioChem reverted to ATI effective August 1, 2000. However, certain provisions pertaining to the license of any products resulting from the collaboration will remain in force. As of August 1, 2000, no compound leads had been identified. The preferred stock issued to BioChem is convertible into ATI common stock at any time after three years from the date of first issuance, at a conversion price equal to the then current market price of the ATI common stock, but in any event at a price that will result in BioChem acquiring at least 15% of the then outstanding ATI common stock. Through March 31, 2001, 11,125 shares of ATI preferred stock had been issued to BioChem, representing a 15% minority interest (on an if-converted and fully diluted basis) in the net equity of ATI. This minority interest portion of ATI's loss reduced ImmunoGen's net loss in the three- and nine-month periods ended March 31, 2000 by $25,000 and $76,000, respectively. Based upon an independent appraisal, approximately 3% of the $11.1 million invested, or approximately $0.3 million, was allocated to the minority interest in ATI, with the remainder, or approximately $10.8 million, allocated to the Company's equity. As part of the BioChem agreement, BioChem also received warrants to purchase shares of ImmunoGen Common Stock equal to the amount invested in ATI during the three-year research term. Beginning July 31, 2000, these warrants became exercisable for a number of shares of ImmunoGen Common Stock determined by dividing $11.125 million, the amount of BioChem's investment in ATI, by the market price of ImmunoGen Common Stock on the exercise date, subject to certain limitations imposed by the Nasdaq Stock Market rules, which limit ...
Minority Interest. Minority interest represents the minority shareholders' proportionate share of the equity of Lancer and AIT. At May 31, 1999, Biomerica owned 30.76% of Lancer (see Note 3) and 74.6% of AIT (see Note 3). FS-18 BIOMERICA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED MAY 31, 1999 AND 1998 -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
Minority Interest. 41,542 100 5,936 -- -- -- (5,936)(Q) 4,988 (R) -- 7,072 (T) -- 1,702 (V) -- Income tax benefit.............. -- -- -- -- -- -- -------- -------- ------- ------- ------- ------ 41,642 5,936 -- (948) 7,072 1,702 Net income (loss) from continuing -------- -------- ------- ------- ------- ------ operations...................... Net income (loss) from discontinued operations......... 54,052 1,097 (12,027) -- 19,708 -- 10,451 -- 1,500 -- 1,222 -- -------- -------- ------- ------- ------- ------ Net income (loss)................. $ 55,149 $(12,027) $19,708 $10,451 $ 1,500 $1,222 ======== ======== ======= ======= ======= ====== Income allocation Series B unitholders............ $ 17,228 ======== General Partner Continuing operations......... $ 24,650 Discontinued operations....... 11 -------- $ 24,661 ======== Limited Partners Continuing operations......... $ 12,174 Discontinued operations....... 1,086 -------- $ 13,260 ======== Basic and diluted net income per unit Continuing operations........... $ 0.35 Discontinued operations......... 0.03 -------- $ 0.38 ======== Weighted average basic and diluted units outstanding..... 34,376 ======== PRO FORMA OTHER GULF OF MEXICO PRO FORMA DIVESTITURE AFTER 2001 ADJUSTMENTS TRANSACTIONS ------------- ------------ Operating revenues................ $ -- $256,954 Operating expenses Cost of natural gas and oil..... 51,542 Operation and maintenance, net........................... -- 55,944 Depreciation, depletion and amortization.................. -- 51,038 Asset impairment charge......... 3,921 -------- -------- -- 162,445 -------- -------- Operating income.................. -- 94,509 Other income (loss) Earnings from unconsolidated -------- -------- affiliates.................... -- 18,374 Net (loss) gain on sale of assets........................ 11,367 (W) -- Other income (expense).......... (25,504)(W) 3,290 -------- -------- Income (loss) before interest, income taxes and other (14,137) 21,664 -------- -------- charges......................... (14,137) 116,173 -------- -------- Interest and debt expense....... -- 55,304 Minority interest............... -- 100 Income tax benefit.............. -- -- -------- -------- -- 55,404 Net income (loss) from continuing -------- -------- operations...................... (14,137) 60,769 Net income (loss) from discontinued operations......... -- 1,097 -------- -------- Net income (loss)................. $(14,137) $ 61,866 ======== ======== Income allocation Series B unitholders............
Minority Interest. The minority interest represents the 31.8% weighted average interest of the Operating Partnership that was not owned by the Company during 1997. This compares to 36.9% not owned by the Company during 1996. INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES AND MANAGEMENT COMPANIES The loss from unconsolidated joint ventures and the management companies was $8.1 million for 1997, compared to a gain of $3.3 million in 1996. A total of $10.5 million of the change is attributable to the write down, and the loss on the sale, of North Valley Plaza in 1997. GAIN ON SALE OF ASSETS During 1997 the Company sold a parcel of land for a net gain of $1.6 million. There was no gain on sale recognized in 1996. EXTRAORDINARY LOSS FROM EARLY EXTINGUISHMENT OF DEBT In 1997 the Company wrote off $0.6 million of unamortized financing costs, compared to $0.3 million written off in 1996. NET INCOME As a result of the foregoing, net income increased to $22.0 million in 1997 from $18.9 million in 1996. OPERATING ACTIVITIES Cash flow from operations was $78.5 million compared to $80.4 million in 1996. The decrease resulted from the factors discussed above, primarily the impact of the 1996 and 1997 Acquisition Centers and related financings. INVESTING ACTIVITIES Cash flow used in investing activities was $215.0 million in 1997 compared to $296.7 million in 1996. The change resulted primarily from the four acquisitions completed in 1997, compared to seven acquisitions in 1996. FINANCING ACTIVITIES Cash flow from financing activities was $146.0 million in 1997 compared to $216.3 million in 1996. The decrease resulted from more acquisition financing done in 1996 than 1997. EBITDA AND FUNDS FROM OPERATIONS Due primarily to the factors mentioned above, EBITDA increased 45% to $147.6 million in 1997 from $101.9 million in 1996 and Funds From Operations increased 33% to $83.2 million from $62.4 million in 1996. COMPARISON OF YEARS ENDED DECEMBER 31, 1996 AND 1995 REVENUES Minimum and percentage rents increased by 42% to $105.2 million from $74.1 million. Approximately $19.0 million of the increase resulted from the 1995 Acquisition Centers and $13.2 million resulted from the 1996 Acquisition Centers. These increases were partially offset by declining rents of $1.1 million at Parklane Mall which was adversely impacted by an Anchor closure in 1996. Tenant recoveries increased to $47.7 million in 1996 from $27.0 million in 1995. The 1996 and 1995 Acquisition Centers caused $19.3 million of this...
Minority Interest. The Owner is the exclusive legal and equitable owner of, and has good title to, the Minority Interest, free and clear of any claims, liens, encumbrances, pledges or security interests of any sort. There are no outstanding restrictions, options, contracts, calls, commitments or demands of any nature relating to the Owner’s Interest.
